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Top Tips For 2017 On Key Factors In Whey Protein New Zealand

Photo / NZME. Danone Nutricia, the French-owned infant formula maker, has reported a full-year loss it attributes to ongoing fallout from the Fonterra Cooperative Group's botulism scare in 2013. The New Zealand subsidiary of the French food giant posted a loss of $1.19 million for calendar 2014, compared to a profit of $1.99 million a year earlier. Danone Nutricia ended its supply contract with Fonterra and launched a $1 billion lawsuit against the dairy cooperative early last year. That followed its sales being disrupted in August 2013 when it had to recall 67,000 cans of its Karicare infant formula in New Zealand triggered by Fonterra's milk powder contamination warning. Read also: Danone loses latest bid in $1b Fonterra case The whey protein was ultimately cleared but only after a recall of baby formula products due to concerns children could be harmed. Chief executive Corine Tap was unavailable for an interview on the company posting a loss but said in a statement that "while recovery from the recall is still ongoing, this includes costs incurred transitioning to alternative ingredient suppliers" following the botulism scare. Revenue for the year was $252 million, down from $318 million the previous year, while expenses rose to $57.5 million, from $50.1 million the year before. Prior to the recall, the company reported revenue of $143.5 million and $14.15 million profit in the 2012 financial year. No dividend was paid in the latest year although related party transactions included $2.75 million of interest paid on a $74.4 million loan from the parent through Nutricia International BV, which is a key source of funding for the company. The loan had increased from $63 million the previous year. Continued below.

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